Letters : . . .

From
K. P. Long

Belfast, Northern Ireland

To conclude that “governments are irrelevant” because the funding of science
is economically based is hasty of Kealey. He mentioned nothing of the other key
economic variables, particularly interest rates. In fact, in setting interest
rates, the government has a critical role in determining the level of
funding by
private enterprise, more so than government spending. The long-term commitment
to a low-interest policy means a lower cost of capital (cheaper loans) for
enterprise. For example, Germany and Switzerland have over the past 40
years had
the lowest inflation, stemming from government policy on interest rates. As
Kealey’s …